Weekly Forex Market Commentary

The US currency ended the week higher, as soft data had already been priced in, and some decent data and earnings (read not as bad as expected) triggered profit taking on short positions. And a declining oil, which barely failed to reach $150/gallon, provided unwarranted optimism. The US economy is in a recession and there is no remedy on the horizon. The dollar should struggle higher for a little longer before the next big decline.